(RTTNews.com) - The Thai stock market on Thursday emphatically ended the two-day winning streak in which it had advanced more than 25 points or 1.5 percent. The Stock Exchange of Thailand now rests just above the 1,680-point plateau and it's expected to open in the red again on Friday.
The global forecast for the Asian markets continues to be weak, thanks to concerns over global growth and interest rates - while tumbling crude oil prices add to the soft sentiment. The European and U.S. markets were firmly lower and the Asian bourses are expected to follow suit.
The SET finished sharply lower on Thursday with damage across the board - particularly among the financial shares and the energy producers.
For the day, the index plunged 38.93 points or 2.26 percent to finish at 1,682.89 after trading between 1,673.59 and 1,688.63. Volume was 16.931 billion shares worth 82.888 billion baht. There were 1,470 decliners and 238 gainers, with 169 stocks finishing unchanged.
Among the actives, Thailand Airport shed 0.79 percent, while Banpu tumbled 2.66 percent, Bangkok Bank skidded 1.89 percent, Bangkok Medical dropped 1.78 percent, Beauty Community retreated 1.96 percent, Bangkok Expressway shed 1.20 percent, Charoen Pokphand Foods plunged 2.05 percent, Kasikornbank lost 1.88 percent, Krung Thai Bank declined 3.47 percent, PTT plummeted 5.56 percent, PTT Exploration and Production sank 3.95 percent, PTT Global Chemical fell 3.14 percent and Siam Commercial Bank was down 2.09 percent.
The lead from Wall Street is negative as stocks opened lower on Thursday and showed wild swings before finishing firmly in the red.
The Dow shed 545.77 points or 2.13 percent to finish at 25,052.97, while the NASDAQ lost 92.99 points or 1.25 percent to 7,329.06 and the S&P fell 57.31 points or 2.06 percent to 2,728.37.
The lower close on Wall Street came even though strength in the bond market led to a significant drop by treasury yields. Even with the decrease in yields, traders remained concerned about the outlook for the interest rates as well as the escalating trade war between the U.S. and China.
Treasuries benefited from the release of a report from the Labor Department showing consumer prices rose by less than expected in September. Also, the Labor Department noted a modest increase in first-time claims for U.S. jobless benefits in the week ended October 6.
Crude oil prices tumbled on Thursday after data showed U.S. crude stockpiles to have risen for a third straight week. Crude oil futures for November delivery ended down $2.20 or 3 percent at $70.97 a barrel.
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